Can Bitcoin surge to $122,000 post-halving?

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  • Bitcoin’s val­ue is pro­ject­ed to surge to $122,000 after the 2024 halving.
  • There is a grow­ing opti­mism due to its poten­tial as ‘dig­i­tal gold,’ bol­stered by insid­er confidence.

In a recent inter­view with Scot Melk­er, experts spec­u­lat­ed how Bit­coin [BTC] stands at the cusp of a mon­u­men­tal shift. 

Pre­dic­tions by ana­lysts point­ed towards a stag­ger­ing val­ue of $122,000 in 2024 fol­low­ing the BTC halv­ing event. 

This pro­jec­tion comes amid a back­drop of a 20% cor­rec­tion in the stock mar­ket from its all-time high (ATH) a year ago, stir­ring con­cerns over Bitcoin’s future. 

Deflationary forces are at play

The defla­tion­ary pres­sures on com­modi­ties glob­al­ly, char­ac­ter­ized by an imbal­ance of sup­ply over demand, under­scored the neces­si­ty for the Fed­er­al Reserve’s eas­ing poli­cies to estab­lish a mar­ket bottom. 

Mike McGlone, a senior com­mod­i­ty strate­gist at Bloomberg, was asked about his opin­ion on the event. He commented,

“If you look at it from my stand­point, there’s no lit­tle hope for the dol­lar to go down unless the US stock mar­ket drops.”

The grand approval of Bitcoin ETFs

This eco­nom­ic envi­ron­ment has laid the ground­work for BTC’s resur­gence, par­tic­u­lar­ly through the intro­duc­tion of exchange-trad­ed funds (ETFs).

These ETFs sim­pli­fy the process for invest­ment advis­ers and mon­ey man­agers to rec­om­mend Bit­coin to their clients. 

This ease of entry, cou­pled with Bitcoin’s bur­geon­ing rep­u­ta­tion as ‘dig­i­tal gold,’ pro­vides a com­pelling case for investors to divert funds from tra­di­tion­al safe havens like long bonds, trea­suries, and mon­ey mar­kets towards Bitcoin.

James Lav­ish, a for­mer hedge fund man­ag­er, placed his opin­ion on Bitcoin’s recent spike in the inter­view. He mentioned,

“My opin­ion is that with these new ETFs, it has become exceed­ing­ly sim­ple for reg­is­tered invest­ment advis­ers and mon­ey man­agers to rec­om­mend that their clients go into Bitcoin.”

He fur­ther men­tioned that BTC’s allure is not mere­ly its sta­tus as a nov­el tech­nol­o­gy, but its capac­i­ty to act as a hedge against eco­nom­ic down­turns, espe­cial­ly in sce­nar­ios where ‘mon­ey print­er’ poli­cies are reactivated.

Hitting the $122,000 mark: Analysts seem optimistic

Dave Weis­berg­er, the Co-founder and CEO at Coin­Routes, has shown con­sid­er­able faith in BTC’s uptrend. He said,

In Novem­ber 2021, when Bit­coin was $63,000, the hash rate of the Bit­coin net­work was 160 tril­lion Tera hash­es it’s now 4X.  Does that mean I expect $240,000, which would be four times the all-time high price? Actu­al­ly, no, but I expect half of that in this cycle.”

Bitcoin’s jour­ney toward a $122,000 val­u­a­tion in 2024 is under­pinned by a con­flu­ence of fac­tors. It will remain at the fore­front, poised for unprece­dent­ed growth post-halving. 

Strong insid­er con­fi­dence has boost­ed the net­work further. 

A shift in narrative around Bitcoin ETFs

The nar­ra­tive around Bit­coin has shift­ed from skep­ti­cism to cau­tious opti­mism, with invest­ment advis­ers now more inclined to explore dig­i­tal currencies. 

This change in atti­tude is reflec­tive of a broad­er accep­tance of Bitcoin’s poten­tial. It also indi­cates mov­ing beyond the fren­zied spec­u­la­tion that char­ac­ter­ized its ear­ly days. 

Bit­coin, unlike fleet­ing IPOs that soared and plum­met­ed, has demon­strat­ed resilience and a grow­ing legit­i­ma­cy with­in the finan­cial ecosystem.

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